Tata Motors down 10% on downgrades, investors worry over JLR profit margins

Muted JLR outlook on currency-hedging losses, operational weakness activates thumbs-down

Tata Motors stock slipped 10.3 per cent on Wednesday, extending its losses for the second trading session. With brokerages cutting their target prices on a weak Jaguar Land Rover (JLR) show and losses in currency market, investors are jittery. The stock has shed 13.5 per cent since results were announced during market hours on Tuesday. CLSA, which downgraded the stock to "sell" from "buy", cut its target price to Rs 405 from Rs 650 on JLR currency-hedging losses, weak management commentary, and lower operating profit margin going ahead for both JLR and the Indian unit. Other brokerages such as Credit